Fertilizer Maker CF Industries Slumps on Black Sea Ceasefire

Fertilizer producer CF Industries Holdings Inc. fell more than 4%, making it the worst-performing basic-materials stock in the S&P 500 Index, after a Black Sea ceasefire raised prospects for easing trade sanctions against Russia.

CF, the world’s largest producer of nitrogen fertilizer, dropped to the lowest in almost eight months on Tuesday. Rivals Nutrien Ltd. and Mosaic Co. also slipped.